BandPay, a project-based payment platform for creative collaborators, has announced a $2M investment in its iOS and Android app launch.
According to a release, BandPay offers creatives a broad set of customizable tools to let them establish agreements that lock payment to agreed-upon milestones including things like travel, sound checks and performances. As these milestones are met, the funds are released.
“We’re honored to receive this investment from an angel investor, who sees the potential and value of BandPay and our related platform PAYMNT,” said BandPay co-founder and co-CEO Gleb Teper. “This is a crucial investment at an important time for our company.”
“We see so much potential to relieve the stress artists and managers face constantly,” added BandPay co-founder, co-CEO, and music business veteran DeCarlos Garrison. “Financial tools make a huge difference for artists, who often have really narrow margins and limited resources to pull off ambitious projects. We’re hoping to remove one layer of uncertainty and distrust from their work and let them do more of what they really love doing.”
BandPay says its platform has been designed to eliminate the potential for “misunderstanding, scope bloat, and fraud,” while “empowering artists to reduce costs and losses for creative projects.” The company plans to use the newly announced investment to build its user base, starting with artists, producers, and other music professionals, as well as to continue building out features to serve them.